Cryptocurrencies have won with court in India – for how long?

[merchantofzeny]

Don't they already have regulations against bitcoins, pretty much dissuading people from using them? You think this ruling could relax rules? From what I know the exchanges in India (or what remains of them) all practice KYC and other proper bookkeeping so the excuse of it being used to launder money really don't have any basis.

Even before the regular exchanges were forced to shut down because the RBI restricted the banking sector to do business with the crypto exchanges they are complying with strict KYC and AML rules for every user. There is no excuse for indirectly shutting down the market but that does not deter crypto investors as there are other means to purchase the coins.

Still uncertain how this could develop but India is a potentially large market so it would be a big boost for cryptos if people there become free to buy and sell as they wish.

Even with all the restrictions people are still buying bitcoin without much hassle as the entire industry move to P2P based model and there is no regulation or restriction on that model. So basically nothing changed, they just need to move away from one exchange to another .

I still think it's a a bit more of a hassle rather than just being able to send money from you bank account to an exchange to buy crypto and vice versa. On the plus side though provided you are careful enough with p2p and the trade partner don't ask for too much personal details, it's off the books save for the part where the cash for the transaction would have to withdrawn from the bank (if needed).

Anyway, good luck to the crypto enthusiasts in India. Tell the government to go shove it up their's.

[EdvinZ]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

India is the second most populous country on the planet. If cryptocurrencies take root there, the demand for Bitcoin will grow many times, and therefore the price may increase. The fact that the Supreme court of India issued a verdict loyal to cryptocurrencies suggests that India wants to be a modern country.

[MinerHQ]

I don't think why they think that Bitcoin was illegal, because it can use by crime it can be illegal? What if some fiat works from illegal things? Should we call a fiat as a illegal?

That is why this cannot be made as the basis to declare that Bitcoin is illegal. Fiat is also used in all kinds of illegal activities. If we are to stick to this shallow argument, then we might as well ban knives, forks, guns, pillows, and so on because they are also to commit murder or homicide.

Because of Bitcoin transactions are anonymous if a person uses properly and their identity can't be revealed so governments are worried that some people may miss use it. But for this reason, they should find a way to over this issue instead of completely banning or calling it illegal. Bank money transfers they can easily track unless people use cash transactions then not so easy to find.

[mohammed7777]

I think,  Instead for Indian to implement total bank. I doubt their they many Indian central bank are doing their hard work on a India, it's heare Indian Supreme Court ruled that they cryptography  assets are not illegal. The Indian government showd created laws pertaining to crypto currency. If there is non

[sazonk]

something like this must happen in every country that wants to implement cryptocurrencies as legal payment instruments. It will definitely experience obstacles when it occurs in a country that holds a democratic and diverse system of governance. Because this is not easy, the Government certainly does not want to reorganize the economic and financial system that has been arranged in such a way just because of the emergence of cryptocurrency, I do not agree that crypto is not allowed in India, but this will trigger financial fluctuations in India, not to mention the negative impact of crypto . India is one of the countries with the highest level of corruption in the world, reaching almost 69%, just imagine, if this crypto is used as a place to store their corruption proceeds, or can be called money laundering, with crypto which is anonymous it is clear that this cannot be traced like funds stored in a bank that can be tracked easily.

[Kyraishi]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

This was already common knowledge beforehand. I deon't know why anyone would expect otherwise, to be completely honest.

The case is not won, in my opinion, due to the fact that the cause that they should be fighting for is to bring down the restrictions placed on financial intermediaries with regards to transacting with bitcoin related fiat remittance. An acknowledgement of the legality of BTC is clearly not quite enough.

And on this front, don't expect the Indian government to change their tune anytime soon. It is clear that they, alongside the RBI, are not interested in positively regulating cryptos in any shape of form.

[leyton11]

 That's just a conclusion about the crypto of the Indian government. But we have yet to see a positive response from the Indian government. It is well known that accepting bitcoin is an illegal asset, but it is important that we expect the government of India to have a policy on the crypto market. Hopefully they will offer incentives to traders there and do not force high taxes.

[1Referee]

Because of Bitcoin transactions are anonymous if a person uses properly and their identity can't be revealed so governments are worried that some people may miss use it. But for this reason, they should find a way to over this issue instead of completely banning or calling it illegal.

There is some degree of privacy, but no anonymity, regardless of how much steps there are in-between each and every movement or attempt to obfuscate source.

I'm confident that governments are already at a point where it's quite easy for them to expose most people conducting "shady" transactions, but they are so insignificant that it doesn't pay off to chase after those people. It costs more than you can extract from it.

In that regard, I expect governments to open up more and have Bitcoin and other crypto assets grow within an already quite centralized ecosystem of exchange/wallet platforms. If the user experience of crypto doesn't quickly improve, most people will not store their coins themselves, but solely rely on centralized entities to do it for them.

[clickerz]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

India is the second most populous country on the planet. If cryptocurrencies take root there, the demand for Bitcoin will grow many times, and therefore the price may increase. The fact that the Supreme court of India issued a verdict loyal to cryptocurrencies suggests that India wants to be a modern country.

True, this is a fresh start for India for bitcoin and other cryptocurrencies to be recognized and use every day without fear of being illegal. India is a huge population and a good way for any cryptocurrency to thrive, innovate and grow well. I hope this crypto will be utilized and create the opportunity  to uplift most of the underprivileged people of India.

[bettercrypto]

That's just a conclusion about the crypto of the Indian government. But we have yet to see a positive response from the Indian government. It is well known that accepting bitcoin is an illegal asset, but it is important that we expect the government of India to have a policy on the crypto market. Hopefully they will offer incentives to traders there and do not force high taxes.

Of course, they will always impose laws for their citizen. And it is duty of every citizen to obey rules and regulation in every country. So, even bitcoin is a global coin. It needs to be regulated also. I can't say it is illegal but there is a probability that it is using for illegal.
India wants only to have their citizen a good future and not engage in scam. Because they think that bitcoin is a scam.

[beerlover]

The reason bitcoin usually gets to be banned or deemed illegal is not because people can do bad things with it, usually its because you can't easily catch people who do bad things so easily.

Just to give an example, if you are a drug dealer who sells drugs for dollars, you can't put that money into a bank easily, you have to launder that money or just keep it in cash and so forth, however if you do with crypto you can sell it and withdraw it to your bank account and maybe no one can catch it. That is why governments are suspicious of bitcoin in general for the anonymous parts of bitcoin and not what it can be used for. They have absolutely nothing wrong with people buying and selling to make more money, that part of bitcoin is totally fine with them, but they have no clue what they should do if its used for bad stuff unlike fiat.

[Hallmader]

I don't think why they think that Bitcoin was illegal, because it can use by crime it can be illegal? What if some fiat works from illegal things? Should we call a fiat as a illegal?

That is why this cannot be made as the basis to declare that Bitcoin is illegal. Fiat is also used in all kinds of illegal activities. If we are to stick to this shallow argument, then we might as well ban knives, forks, guns, pillows, and so on because they are also to commit murder or homicide.

Because of Bitcoin transactions are anonymous if a person uses properly and their identity can't be revealed so governments are worried that some people may miss use it. But for this reason, they should find a way to over this issue instead of completely banning or calling it illegal. Bank money transfers they can easily track unless people use cash transactions then not so easy to find.

If people use it for anonymity's sake then that sends the message. People want privacy and anonymity. They do not want that their transactions and their personal identities be revealed whenever they buy and sell something. They do not want their worth to be public and known by other people. How about the government heeding this preference by the people?

[fiulpro]

Let's see about what it did :-
 It showed people that cryptocurrencies aren't a bad thing at all
 It allowed the government to see that they cannot always be right
 It actually won over the corruption and I think it created awareness beyond belief
 Cryptocurrencies won and that is a big thing , from awareness to legality it actually worked and we don't need to fear for how long , we need to actually celebrate it .

[shoreno]

Let's see about what it did :-
 It showed people that cryptocurrencies aren't a bad thing at all
 It allowed the government to see that they cannot always be right
 It actually won over the corruption and I think it created awareness beyond belief
 Cryptocurrencies won and that is a big thing , from awareness to legality it actually worked and we don't need to fear for how long , we need to actually celebrate it .

but this is only based on you but what about based on the higher court or the government ?  as some of them will still insist to say that cryptos are bad and can be a bad influence in thier country if their people use it , that why they continue to decline it  .

 this is sad but its  a real fact that people are facing now . but on india , idk maybe crypto really have won the battle because someone stand and fight it and the end   but before i heard crypto was bad on india  .

[criza]

Let's see about what it did :-
 It showed people that cryptocurrencies aren't a bad thing at all
 It allowed the government to see that they cannot always be right
 It actually won over the corruption and I think it created awareness beyond belief
 Cryptocurrencies won and that is a big thing , from awareness to legality it actually worked and we don't need to fear for how long , we need to actually celebrate it .

but this is only based on you but what about based on the higher court or the government ?  as some of them will still insist to say that cryptos are bad and can be a bad influence in thier country if their people use it , that why they continue to decline it  .

 this is sad but its  a real fact that people are facing now . but on india , idk maybe crypto really have won the battle because someone stand and fight it and the end   but before i heard crypto was bad on india  .

Still, the news would bring a lot of impact for the crypto community. Not only in the country India, but also to other country that would hear about the news, they may take a chance about the effect and uses of crypto currency realizing the benefits they might be getting from it. This would cause a good image for crypto currencies around the world.